12.86¢
per kWh, 2025
[ Xcel Energy New Mexico / NM · 25-00079-UT ]
Xcel Energy New Mexico: 16.7% requested for 101,203 New Mexico homes
SETTLED
rate increase requested
15.01¢
per kWh if approved
101,203
residential customers
+30.6%
since 2020
What your bill becomes
Bill today
After the increase
Difference / month · / year
Estimated at Xcel Energy New Mexico's average effective residential rate (12.86¢/kWh, EIA, all charges included). Your tariff, fees and taxes differ.
Rate case 25-00079-UT
Settlement filed Docket 25-00079-UT ↗
- Nov 2025Filed with the commission as docket 25-00079-UT
Southwestern Public Service, Xcel Energy's New Mexico utility, filed a rate case with the New Mexico Public Regulation Commission on November 20, 2025 (Case No. 25-00079-UT) asking for $175.4 million more a year, a 16.73% increase in total revenue (24.25% in base-rate revenue), based on a future test year ending November 30, 2027 and a 10.5% return on equity. Xcel lists capital investment and a larger share of system costs shifting to New Mexico retail customers as wholesale load rolls off as the main drivers. SPS lowered the request to $168 million in March 2026, and on June 22, 2026 it filed a non-unanimous stipulation with the New Mexico Department of Justice, large customers and others for a $90 million increase (7.7% total) and a 9.5% return on equity, parts of which commission staff opposes. A hearing on the stipulation was held in July 2026; Xcel expects a commission decision in the fourth quarter of 2026 and new rates in December 2026.
Rate history 2015–2025
| Year | ¢/kWh | Change | Customers |
|---|---|---|---|
| 2015 | 9.40¢ | — | 94,525 |
| 2016 | 9.59¢ | +2.0% | 94,958 |
| 2017 | 10.54¢ | +9.9% | 95,078 |
| 2018 | 10.11¢ | −4.1% | 95,919 |
| 2019 | 9.65¢ | −4.5% | 96,964 |
| 2020 | 9.85¢ | +2.1% | 97,747 |
| 2021 | 10.80¢ | +9.6% | 98,490 |
| 2022 | 12.70¢ | +17.6% | 99,338 |
| 2023 | 11.77¢ | −7.3% | 99,886 |
| 2024 | 11.98¢ | +1.8% | 100,540 |
| 2025 | 12.86¢ | +7.3% | 101,203 |
How this compares
14.85¢
New Mexico average, 2025
−13.4%
Xcel Energy New Mexico vs NM 2025 average
−25.4%
vs US 2025 average
#17
priciest in NM
Xcel Energy New Mexico files with the EIA as Southwestern Public Service Co (utility ID 17718).
Serves 6 counties in New Mexico: Chaves, Curry, Eddy, Lea, Quay, Roosevelt. 25 ZIP codes.
Questions
Is Xcel Energy New Mexico raising rates?
Xcel Energy New Mexico filed docket 25-00079-UT with the New Mexico Public Regulation Commission in Nov 2025 asking for a 16.73% increase (overall revenue increase, all customer classes), about $175.4M a year. No decision date has been published.
How much more would I pay Xcel Energy New Mexico each month?
At New Mexico's average use of 638 kWh, a bill of about $82.05 would become about $95.78 if the full 16.73% is approved. Commissions usually approve less than the request.
What does Xcel Energy New Mexico charge per kWh?
Xcel Energy New Mexico's average effective residential rate was 12.86¢ per kWh in 2025 (EIA-861, revenue divided by sales, all charges included). New Mexico's 2025 average was 14.85¢.
How much have Xcel Energy New Mexico rates gone up in five years?
+30.6% between 2020 and 2025, against +11.8% for New Mexico as a whole over the latest five-year window.
How many customers does Xcel Energy New Mexico have in New Mexico?
101,203 residential customers in 2025, across 6 counties including Chaves, Curry, Eddy, according to the EIA-861 survey.
Where do these numbers come from?
Rates and customer counts are from the US Energy Information Administration's annual EIA-861 survey; rate-case facts are from the New Mexico Public Regulation Commission docket linked on this page. Nothing here is a utility bill; use it to understand the direction and size of changes.
Sources
Last verified 2026-10-16
- New Mexico Public Regulation Commission: Notice to SPS Customers, Case No. 25-00079-UT checked 2026-10-16
- New Mexico Public Regulation Commission: legal notices page (SPS rate case, filed Nov. 20, 2025) checked 2026-10-16
- Xcel Energy: Form 8-K on the SPS New Mexico electric rate case filing (Nov. 20, 2025) checked 2026-10-16
- Xcel Energy: Form 8-K on the non-unanimous stipulation (June 22, 2026) checked 2026-10-16
- Xcel Energy: Form 10-Q for the quarter ended June 30, 2026 (rate case status) checked 2026-10-16
- EIA-861 Sales to Ultimate Customers, 2015–2025 (released 2026-10-07)
- EIA-861M monthly state averages through Jul 2026
- NREL utility-by-ZIP lookup (2024)